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ABN Granites Ltd.

BSE: 515103 Sector: Others
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan ABN Granites Ltd
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ABN Granites Ltd. (ABNGRANITES) - Director Report

Company director report

1995 ABN GRANITES LIMITED DIRECTOR'S REPORT Your Directors have pleasure in presenting the fifth Annual Report along with audited statement of accounts for the year ended 30th June, 1995. Your Directors are however happy to inform you that the year 1994-95 has been a year of achievement as far as implementation of the project is concerned. All machines have been commissioned and trial runs have been made successfully. However, as planned earlier, the Company could not start commercial production in January 1995 for various reasons. Your Directors have great pleasure in informing you that the commercial production has been started with effect from 1st July 1995. The Company has export orders worth Rs. 100 lakhs on hand and is trying its best to adhere to the schedule of supply of these export orders. Further, it is hoped that more export orders will be forthcoming by which it will be possible to turn around the operation within the shortest time possible. The Company has started its Marketing Office at Bangalore from 3.10.1995 for making aggressive efforts for securing adequate viable export orders for its finished goods and rough blocks in a continuous manner for its sustained operations. Your Directors are happy to inform that the working capital has been released by Canara bank, Overseas Branch, Ernakulam. Although it may not be adequate to operate the plant at optimum level, efforts are however made to get working capital limits enhanced. Your Directors are confident that the company is heading in right direction for getting expected results, both from short term and long term point of view. Auditors M/s. Amaranth Kamath & Associates, the present auditors of the Company, will be retiring at the conclusion of the Annual General Meeting and has expressed their liability to continue. M/s. Krishnamoorthy & Krishnamoorthy, Chartered Accountants, Ernakulam are proposed as the Auditors for 1995/96. Company has received a certificate from the proposed Auditors to the effect that their appointment will be in accordance with the limits specified Section 224(1)B of the Companies Act, 1956. Directors Mr. Sashidar Menon and Mr. Ashok D. Engineer retire by rotation and being eligible offer themselves for re-appointment. Acknowledgement The Directors convey their gratituds with appreciation for the continued co-operation and support extended by Government of India, Government of Kerala, IDBI, Canara bank and Department of Mines and Geology. The Board of Directors also express their satisfaction of the efforts put in by the employees. By Order of the Board of Directors K.S. Naidu Managing Director Place : Cochin Date : 15th November, 1995.